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November 12, 2012

JPMorgan’s Dimon Sounds Off on Fiscal Cliff, Elizabeth Warren

JPMorgan Chase CEO also speculates on next four years under President Obama

JPMorgan Chase CEO Jamie Dimon. (Photo: AP)

Star CEO Jamie Dimon, JPMorgan’s Chase chief, spoke with CNBC’s Maria Bartiromo over the weekend. Noting the bank has $2 trillion in assets under management and a “war room” set up to deal with the possible fiscal cliff, Bartiromo began by asking about the impact four more years of an Obama administration will have on JPMorgan Chase, as well as businesses in general.

“The foundation of business is actually pretty strong,” Dimon responded. “Businesses are in great shape with lots of cash. Housing looks like it’s turning. Consumers are still spending, so business itself looks pretty good.”

Noting he had a “fine” relationship with CFPB alum Elizabeth Warren, the newly-elected junior senator from Massachusetts and frequent critic of the banking industry, he announced that he called to congratulate her on winning her election.

“We are going to meet all the rules and all the requirements both in the spirit and the letter of the law,” he added. “The only one we will be cautious about is when JPMorgan can’t compete on the same level and the same playing field as Deutsche Bank or a Chinese bank. That’s all. Anything else we think we can adjust to.”

When asked specifically about the Volker Rule, which stipulates that banks must restrict certain kinds of speculative investments, Dimon said, “It should have been written more specifically and not so wide open. We’ve offered regulators [suggestions] on ‘here’s how you apply the law,’ apply it fairly, protect companies and it should be much simpler than having 180 rules, it should be more like six or seven rules. And by the way, we’ve already fixed the major part [which is] more capital, more liquidity and more transparency.”

“We have a great company, business is growing, we’re making mortgages, middle market loans are up 10 straight quarters, small business loans are at a record, deposits are up, trade finance is up,” he concluded. “We’re doing fine.”

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